Preparation

Preliminary trajectory within the VDAB

As early as December 2014, the VDAB started a preliminary study on Social Impact Bonds. In the course of 2015, this led to the application and start-up of an ESF project ‘Social Impact Bond', which was submitted under the Call for ‘Innovation through Adaptation'. The project, carried out in collaboration with HIVA (Research Institute for Labour and Society), explores the value of the Social Impact Bond for the Flemish labour market. In mid-2017, HIVA published the results in its report ‘Financial innovation for social excellence. Preliminary study of a first Social Impact Bond for NEET youngsters in Antwerp'.

Due to the HIVA report, an additional market consultation, supported by PIO, was considered to be unnecessary.

In the course of June 2017, the VDAB called for an 'Application for Participation', to which a number of duos (of social investor and service supplier) signed up.

Tender document

In the autumn of 2017, the tender document was prepared and submitted to the Government of Flanders for approval. This was necessary because the draft decision of the Government of Flanders regulating the co-financing of research and development in the context of public procurement had not yet been finally approved. This (draft) decision delegates the decision power on co-financing to the Hermes Decision Committee, and defines the scope and conditions of co-financing. Final approval after advice from the Council of State is expected in early or mid February 2018.

Approval of co-financing from the PIO by the Government of Flanders

On 22 December 2017, the Government of Flanders took note of the implementation of the Innovative Public Procurement Programme and gave its approval to secure an amount of 3,969 million euro in the 2017 budget of the Hermes Fund for co-financing projects from the first call. 1 million euro was secured to co-finance the SIB project of the VDAB. Consult the decisions of the Government of Flanders for more details.